Facebook IPO has weak start

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Friday, May 18, 2012

Shares of Facebook opened at $42.05 but quickly cooled.

Trading volume in Facebook exceeded 100 million shares in the first three minutes of the stock's trading, as investors rushed into the shares and some who had received stock from the IPO cashed in.

Facebook's IPO is "unprecedented in terms of the demand" from average investors, said Stephen Kay, a managing director at brokerage Knight Capital who works with retail brokerages.

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